Welcome to the Daily Compliance News. Each day, Tom Fox, the Voice of Compliance, brings you compliance-related stories to start your day. Sit back, enjoy a cup of morning coffee, and listen to the Daily Compliance News. All from the Compliance Podcast Network. Each day we consider four stories from the business world, compliance, ethics, risk management, leadership, or general interest for the compliance professional.
Stories we are following in today’s edition:
Is messaging compliance giving your compliance function headaches? Welcome to a special 5 part podcast post series, messaging compliance in a shifting regulatory landscape, sponsored by Global Relay. Over this series, I will visit with Chip Jones, Executive Vice President – Compliance at Global Relay; Alex Viall, Chief Strategy Officer at Global Relay; Rob Mason, Director, Regulatory Intelligence at Global Relay; Jennifer Clarke, Head of Content at Global Relay; and Raewyn Danvers, Sales Manager, Unified Communications. Over this series, we will consider the US and UK regulatory framework for messaging apps, consider if business innovation is being stifled by regulatory action, preview the Global Relay Report: Compliant Communications in 2023, and look down the road on how to stay Ahead of regulation with the compliant communications in one app.
In this Part 3, I visit with Rob Mason, Director of Regulatory Intelligence at Global Relay, on the current and upcoming UK regulatory landscape. Rob shares his experience, having worked with Lloyds Banking Group, UBS, and the UK’s conduct regulator. The podcast delves into current UK regulatory priorities, data protection issues, and the importance of operational risk management, compliance, and surveillance in the banking industry. Hear Rob’s insights on the evolution of the remit of the FCA, the role of monitoring communication effectively without breaching data privacy, Brexit, and data protection issues, and the need for closer monitoring to avoid scandals. If you want to learn how to manage risk and compliance from industry experts, tune in to UK Regulatory Landscape.
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For more information, go to Global Relay.
Join us in our next episode, where we examine the Global Relay Report: Compliant Communications in 2023.
Are you ready to learn how to implement electronic communications capture and supervision in your firm for better compliance and prevention of regulatory violations? Is messaging compliance giving your compliance function headaches. Welcome to a special 5 part blog post series on messaging compliance in a shifting regulatory landscape, sponsored by Global Relay. For this Part 3, I visited with Rob Mason on the current state of UK regulations on messaging apps and where it may be headed.
Staying ahead of the curve when it comes to the shifting UK regulatory landscape is vital for financial institutions and their compliance professionals. Keeping pace with the FCA’s evolving priorities, as well as ensuring ongoing compliance with GDPR and data protection, can have significant effects on the smooth functioning of your institution. Enhancing operational resilience and implementing effective employee communication monitoring are essential steps to take, in addition to exploring resources for regulatory technology solutions. By remaining updated and flexible, compliance professionals in the UK can successfully navigate the complexities of regulatory changes, ultimately resulting in an improved understanding of current and upcoming UK regulations.
Here are some key steps:
1. Understand FCA’s evolving priorities and focus.
Navigating the shifting UK regulatory landscape as a financial institution can be complex, but a key step is understanding the evolving priorities and focus of the Financial Conduct Authority (FCA). As the FCA shifts its focus towards a broader oversight approach, financial institutions must remain up-to-date with emerging regulations and adapt their internal processes accordingly. This comprehensive understanding of FCA priorities is vital for compliance professionals, as it enables them to mitigate potential risks, ensure data protection, and maintain operational resilience in an ever-changing regulatory environment.
Mason noted the FCA’s increased focus on retail and consumer financial services in addition to wholesale markets, which has led to a broader oversight approach and also highlighted the importance of data protection and the impact that GDPR regulations and Brexit have had on the UK’s regulatory environment. Understanding the FCA’s evolving priorities and focus is crucial for compliance professionals in the UK, as it allows them to better adapt to the rapidly changing regulatory landscape. Being knowledgeable about current regulations and anticipating future changes can help institutions maintain compliance, safeguard data, and ensure operational resilience in the face of potential challenges. By staying informed and proactive, compliance professionals can successfully navigate the shifting UK regulatory landscape and contribute to the overall success and stability of their organizations.
2. Keep up-to-date with GDPR and data protection.
With the ever-changing regulatory landscape in the UK, remaining up-to-date with GDPR and data protection is more crucial than ever for financial institutions. One of the significant changes that has come to focus in recent times is the GDPR, which greatly impacts how businesses collect, store, and process personal data. Data protection concerns have now begun to take center stage not only in Europe but also across the globe. By understanding the requirements of GDPR and other data protection laws, financial institutions can adapt to the changes and avoid costly fines or reputational damage.
Mason said that Europe has been ahead of the curve when it comes to data protection concerns, and how new developments, such as Brexit, have further emphasized the significance of GDPR in the UK. He also discussed how monitoring employee communications became increasingly critical for large organizations to prevent scandals. By keeping up with these regulatory changes and understanding the impact they have on organizations, compliance professionals can better equip themselves to face the challenges that lie ahead. The importance of staying up-to-date with GDPR and data protection for compliance professionals in the UK cannot be understated.
These regulations help build a strong framework that ensures the protection of customer data, which is at the heart of any financial institution. Besides preventing financial and reputational damage, being compliant with GDPR and data protection laws allows organizations to maintain customer trust, demonstrate transparency, and ultimately contribute to the long-term success of their business. For financial institutions, being knowledgeable about these laws is not just a matter of regulatory compliance, but also a vital factor in creating a sustainable, ethical, and client-centric business. As the regulatory environment continues to evolve, staying ahead of the curve will prove indispensable for financial institutions and their compliance professionals.
3. Enhance operational resilience in your institution.
In today’s rapidly changing regulatory environment, financial institutions must be agile and proactive in order to stay ahead of the curve. Enhancing operational resilience is a key step in achieving this goal, as it allows organizations to effectively manage unexpected disruptions and challenges. A strong operational resilience framework not only prevents potential losses but also helps maintain stability and reputation in the face of adversity. To successfully navigate the shifting UK regulatory landscape, financial institutions must invest in the necessary resources, infrastructure, and skill sets required for effective risk management, business continuity, and crisis response mechanisms. In this context, it is crucial for these institutions to regularly assess their resilience measures and adopt best practices in line with emerging industry trends and regulations.
Strengthening operational resilience safeguards the institution from potential losses and reputational damage, ensuring long-term success in a capricious regulatory landscape. Moreover, addressing operational risks effectively is crucial in mitigating negative consequences on a larger scale, preventing widespread financial contagion. As the UK financial sector undergoes constant transformation, compliance professionals must be equipped to adapt quickly to emerging challenges. By prioritizing operational resilience and staying abreast of the latest industry trends, these professionals will be better prepared to navigate the shifting UK regulatory landscape, protecting both their institutions and their clients from potential adverse effects.
As a compliance professional in the UK, it’s essential to keep up with the shifting regulatory landscape in order to ensure your financial institution can effectively overcome any obstacles. Staying informed about the FCA’s priorities, GDPR, and data protection regulations is key to maintaining a strong compliance strategy. Additionally, focus on enhancing operational resilience, monitoring employee communications, and seeking out resources for regtech solutions. By doing so, you’ll not only stay compliant but also foster a more secure and thriving financial institution.
Join me tomorrow where we review the recently released Global Relay report, Compliant Communications 2023.
For more information on Global Relay, click here.
The award-winning, Compliance into the Weeds is the only weekly podcast that takes a deep dive into a compliance-related topic, going into the weeds to explore a subject more fully and looking for some hard-hitting insights on sanctions compliance. Look no further than Compliance into the Weeds!
In this episode, co-hosts Tom Fox and Matt Kelly dissect the Navex 2023 State of Risk and Compliance Report. Tom and Matt delve into Navex’s annual benchmarking report, which surveyed 1,300 compliance professionals. The report revealed that 53% of respondents described their compliance programs as mature. Matt and Tom question whether the board is driving the conversation or if compliance officers request updates due to potential liability. The report’s findings on cybersecurity and privacy concerns, survey results on where compliance should reside in a company, and the importance of having a mature anti-bribery anti-corruption compliance program are all discussed. Tune in to hear more about how compliance officers can address pressing concerns such as cybersecurity breaches and attacks.
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Resources:
Matt
Blog Post in Radical Compliance
Tom
Welcome to the award-winning FCPA Compliance Report, the longest-running podcast in compliance. In the latest episode of FCPA Compliance Report, Maria D’Avanzo from Traliant returns to discuss the essential role of outside counsel in FCPA investigations and the challenges that a CCO may face. They believe having trusted counsel with business acumen and commercial knowledge is vital, especially when discovering potential violations outside the initial scope of the investigation. Maria shares her experience working with the CEO and chair of the audit committee and offers excellent tips for compliance professionals learning to trust their gut. The speakers also discuss the importance of self-disclosure and equally applying disciplinary actions across different jurisdictions in misconduct cases. This explosive discussion is full of insights, advice, and best practices, making it a must-listen for anyone looking to improve their organization’s compliance standards. You won’t want to miss it!
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Resources:
Maria D’Avanzo on LinkedIn
Tom Fox
Join Mary Shirley, co-founder of The Great Women and Compliance podcast, as she reflects on the difficulties of finding the perfect guest for the show without it becoming a paid infomercial in her latest hosted episode. She also shares some fun behind-the-scenes information and announces her departure from the show. But don’t fret because the remaining episodes are packed with compelling discussions on self-awareness, promoting diversity and inclusion in the workplace, and implementing off-channel communication policies. You’ll gain valuable insights and tips from experts that will challenge your ideas and provoke your thinking. So don’t miss out; tune in now!
You can find the Great Women in Compliance Podcast on the Compliance Podcast Network, where you can find several other resources and podcasts to keep you up to date in the Ethics and Compliance world. You can also find the GWIC podcast on Corporate Compliance Insights, where you can learn more about the podcast, stream prior episodes, and catch up on Mary’s monthly column, “Living Your Best Compliance Life.”
Corporate Compliance Insights is a much-appreciated sponsor and supporter of GWIC, including affiliate organization CCI Press publishing the related book, “Sending the Elevator Back Down, What We’ve Learned from Great Women in Compliance” (CCI Press, 2020). If you enjoyed the book, the GWIC team would be very grateful if you would consider rating it on Goodreads and Amazon and leaving a short review. Don’t forget to send the elevator back down by passing on your copy to someone who you think might enjoy reading it when you’re done, or if you can’t bear parting with your copy, consider it as a holiday or appreciation gift for someone in Compliance who deserves a treat.
If you enjoyed the book, the GWIC team would be very grateful if you would consider rating it on Goodreads and Amazon and leaving a short review. Don’t forget to send the elevator back down by passing on your copy to someone who you think might enjoy reading it when you’re done, or if you can’t bear parting with your copy, consider it as a holiday or appreciation gift for someone in Compliance who deserves a treat.
You can subscribe to the Great Women in Compliance podcast on any podcast player by searching for it, and we welcome new subscribers to our podcast.
Join the Great Women in Compliance community on LinkedIn here.
Welcome to the Daily Compliance News. Each day, Tom Fox, the Voice of Compliance, brings you compliance-related stories to start your day. Sit back, enjoy a cup of morning coffee, and listen to the Daily Compliance News. All from the Compliance Podcast Network. Each day we consider four stories from the business world, compliance, ethics, risk management, leadership, or general interest for the compliance professional.
Stories we are following in today’s edition:
Welcome to the award-winning The Hill Country Podcast. The Texas Hill Country is one of the most beautiful places on earth. In this podcast, Hill Country resident Tom Fox visits with the people and organizations that make this the unique area of Texas. Join Tom as he explores the people, places, and activities of the Texas Hill Country.
Join host Tom Fox in this exciting episode of The Hill Country Podcast as he speaks with Jane Ragsdale, the director of Heart O’ the Hills Summer Camp for Girls, who shares her inspiring story of how she started a tutoring program for underprivileged children in Guatemala City, eventually founding the non-profit organization “Guatemala Scholarships.” From there, the podcast turns to the struggles the people of Guatemala faced, including food insecurity and lack of access to basic amenities like electricity, running water, and healthcare.
Discover the heroic efforts of a group of volunteers from various denominations who travel to Guatemala to provide aid, including medical consultations, EMT kits, and basic healthcare and eye tests. Learn about their work in training people in first aid, CPR, and maternity assistance and their efforts to provide education in the area, including building a house for teachers and pre-k programs. Hear Jane’s inspiring story of building a retaining wall by hand in a village in Guatemala and how an organization called Let Hope Begin Here, Guatemala, is helping local students attend high school. Take advantage of this opportunity to open your Heart and learn about the real challenges facing communities in other parts of the world. Email Jane at jane@hohcamp.com or visit the website. Let hope begin here dot org to get involved! And stay tuned for a future conversation on running the camp with Jane.
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Resources
Tom Fox
Directors should focus on three core areas to help establish and maintain an effective compliance program: structure, culture, and risk management.
Structural questions. This area consists of questions that will aid in determining the fundamental sense of a company’s overall compliance program. The questions should begin with the basics of the program through to how the program operates in action.
Cultural questions. This area of inquiry should focus on the organization’s culture regarding compliance. Board members should understand what message senior management and middle management communicate. Equally important, the Board needs to understand what message is being heard at the lowest levels within the company.
Risk management questions. Board members need to understand the company’s process being used to identify emerging risks, their evaluation, and management. Such risk analysis would be broader than simply a compliance risk assessment and should be tied to other broader corporate matters.
Three key takeaways:
